Ukraine Deputy Minister Praises Crypto Efficiency; Donations Spent on Military Necessities

cryptonews.com:

Ukraine's deputy minister of digital transformation Alex Bornyakov has noted crypto's efficiency, stating that blockchain clearing and settlements are conducted in near real-time, which enabled the country to deliver a "very quick" response.

Bornyakov detailed that by leveraging crypto's instant payment settlements, the country was able to purchase military-grade rations, bulletproof vests, and other forms of protection needed for "day-to-day operations."

"I can't tell, because it's an ongoing war, exactly what we bought," said Bornyakov, who appeared on a Twitter Space discussion on Monday.

"So far, we purchased 400,000 military grade rations for our army, because they really need this food. We bought thousands of bulletproof vests, and other kinds of protection which helped our military in day-to-day operations," he added.

Settlements made via the traditional banking system usually require two or three days. Pointing this out, Bornyakov said the government needed a tool to help people and the military much faster, which is why they began accepting crypto donations.

"Crypto was one of the ways we fight back, and specifically, why we leverage this is because we understood that our response has to be very quick," he said.

Bornyakov had previously said that around 40% of the country's military suppliers are willing to accept crypto payments, with the rest being paid with crypto converted into euros and dollars. At the time, he stated that USD 15m of crypto donations had been spent on military supplies that were delivered Friday.

As per the latest data by the crypto security firm Slowmist, which tracks crypto donations made to the Ukrainian government and five non-profit organizations helping the Ukrainian military, the country